This bill significantly amends the Internal Revenue Code to increase transparency and impose financial penalties on certain foreign real estate acquisitions in the United States. It mandates that all real estate purchases by non-citizens be reported to the Internal Revenue Service, removing previous regulatory discretion and dollar thresholds for such reporting. A core provision establishes a new 50% tax on the acquisition of U.S. real property by "disqualified persons." A disqualified person includes citizens or entities from countries that prohibit U.S. citizens from purchasing or owning real estate, as well as any entity 10% controlled by such individuals or entities. Exceptions to this tax are made for individuals residing in the U.S. due to diplomatic obligations or asylum, and for certain publicly traded corporations. To implement this, the bill requires the Secretary of State to annually provide a report identifying all foreign countries that prohibit U.S. citizens from owning real property. This report will define which countries are considered "disqualified countries" for the purpose of the new tax. Furthermore, the bill establishes new reporting requirements for real estate transactions involving presumptively disqualified persons. The person responsible for closing the transaction, such as an attorney or title company, must report details of the acquisition to the IRS unless the acquirer provides an affidavit confirming they are not a disqualified person. Failure to comply with these reporting obligations will result in penalties.